Vedanta emerged as the highest bidder for the Radhikapur West coal block, located in Angul district, Odisha at a distance of about 190 km from the company's Jharsuguda Aluminium Smelter.
The coal block is an optimal fit for the Jharsuguda smelter given its logistical location and annual capacity. The mine has total reserves of 312 million tonnes and an approved per annum extraction capacity of 6 million tonnes.
Once operational, it will provide fuel security, improve power availability and further strengthen the Company's Aluminium and Power operations and performance.
The announcement was made after market hours yesterday, 30 December 2020. Shares of Vedanta rose 1.19% to settle at Rs 162.05 yesterday.
Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading Oil & Gas and Metals company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa, Namibia, and Australia.
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